The pros and cons of buying a new car vs. a used car are many. There is no right or wrong…simply a choice that makes the most sense for you. Let’s look at some of the key factors that can help you decide between a new and used car.
The New Car Advantage
In addition to the new car smell, the benefits of buying a new car vs. a pre-owned vehicle include many key benefits.
- Access to all the new technology like hands-free Bluetooth connectivity making cell phone calls while driving not only legal, but safer
- Speaking of safety, advanced features like blind spot monitoring, autonomous emergency braking and back-up cameras are available on most new models
- Fuel efficiency continues to improve and will likely be higher on a new car vs. a used car
- No wear and tear until you put it on the car personally
- Full factory warranty coverage eliminates concerns about repairs for the first years of ownership
- More choices at the lot so you get exactly what you want
The Drawbacks of a New Car Purchase
- Plain and simple? They cost more. Sometimes a whole lot more.
- Instantaneous depreciation…drive off the lot and poof…roughly 20 percent of your new car’s value is gone.
The Used Car Advantage
Aside from avoiding the immediate depreciation of buying new, used offers a lot of upside.
- The number one benefit to buying used vs. new is savings, savings, savings. You can either spend less or get more with your budget. More car. More options.
- Lower cost means lower taxes and insurance rates
- You’ll know what to avoid once a model has been around for a while, research can tell you more about inherent problems and used cars to avoid
The Downside of Buying Used
- You may be buying someone else’s headache so it’s best to get an independent assessment of the car by a local mechanic or through a third-party like CarFax
- You’ll have fewer choices available so you’ll have to be more flexible on options such as color, etc.
- A used car may no longer be covered by the manufacturer’s warranty
New Car vs. Used Car?
The truth is, only you can decide what’s right for you, your budget and your lifestyle. Whether you decide on new or pre-owned, Partner Colorado’s preferred auto buying partner, AutoTrek can help you track down the right car for you at the right price.